The government of China and its central bank the People’s Bank of China (PBoC) enforced a strict crypto trading ban in September 2017. Yet, the local cryptocurrency market of the country remains active, with hotels, exchanges, and over-the-counter (OTC) trading platforms supporting digital assets.

Local authorities have prohibited commercial banks from dealing with overseas crypto exchanges and OTC trading platforms, demanding financial institutions to censor transactions that are suspected to be connected to crypto-related businesses.